April 24, 2007

 

US corn planting pace at 50 percent of year-ago period

 

 

The US Department of Agriculture said Monday (Apr 23) afternoon that US corn planting through Sunday was half as far along as it was at the same point last year. The planting progress also was half of the five-year average, according to the USDA.

 

Eleven percent of the US corn crop was planted as of April 22, compared 22 percent last year and the five-year average of 22 percent. Industry analysts anticipated plantings in the 14 percent to 18 percent range.

 

The report should be supportive to Chicago Board of Trade corn futures overnight, even though some market watchers may think it missed some seedings that occurred during warmer, drier weather this weekend, said Don Roose, president of US Commodities in West Des Moines, Iowa. Corn futures are expected to start out 2-4 cents higher in overnight trading, Roose said.

 

"I think what people are going to do is look at this and say, 'We're further along than that,'" Roose said. "That very well may be the case. At the same time, what if it's not? I think it's that type of situation. Probably, realistically it's further along than that, I would guess."

 

But weather outlooks for this week call for rainfall throughout the corn belt, which would further delay corn plantings.

 

The DTN Meteorlogix forecast for the Midwest predicts moderate to heavy rain developing from Monday night through Wednesday night in the region. Rainfall of up to 2 inches will develop in the western Midwest, and up to 2 1/2 inches in the eastern half of the region.

 

This year is "going to go down as a slow planting year," Roose said. "The stages are set now. There's too much moisture coming at us short term that's going to slow us down."

 

In the key growing state of Iowa, 8 percent of the crop had been planted, compared to 23 percent last year and the five-year average of 18 percent. In Illinois, 13 percent of its corn crop had been seeded, compared 29 percent last year and the five-year average of 37 percent.

 

"I guess the theme just goes on and on," Roose said about slowed planting in several states. "Almost all areas need some kind of catch up."